Donald Trump has disappointed the markets this time. The US President, speaking at the Economic Club of New York, did not say anything new about the duties: he reiterated that an agreement with China could also arrive shortly, but did not add any details, except to maintain that Beijing wants to close as soon as possible. And so, in the face of Trump's silences, the scene was occupied by the increasingly dramatic noises arriving from Hong Kong, now one hundred percent of a real battle "like that of June 4", said a protester referring at the Tien An Men protest in 1989. The Hong Kong security officer thinks so too, who tonight warned that if the violence continues, the consequences will be "unimaginable". In this context, the slowdown in price lists and the recovery of interest in safe-haven assets is not surprising.
ALIBABA ASKS THE MARKET FOR 15 BILLION
The Hong Kong Stock Exchange drops (-1,8%), besieged by protesters and isolated by the protests that have paralyzed a large part of the transport network. Yet just yesterday Alibaba, back from the success of Single's Day (sales of 39 billion dollars, about double the American Black Friday) announced the next offer of shares for 15 billion dollars to be offered in what remains the main financial hub asian.
Tokyo also loses momentum (-1,02%), grappling with the disappointing accounts of Nissan. In red, albeit pale, also Shanghai and Shenzhen (-0,1%). Taiex of Taiwan -0,4% and Kospi of Seoul -0,1%.
The NZX 50 index of the New Zealand Stock Exchange loses 0,8%, after the confirmation of interest rates on current values by the Central Bank of the Country: the decision surprised economists, who had expected a cost cut some money.
FLAT WALL STREET, THE DISNEY STREAM STARTS WELL
Even Wall Street yesterday did not hide its disappointment at Trump's missed announcements: the S&500 index, after setting a new record at the start, reduced the Dow Jones up to 0,16%, unchanged. NASDAQ +0,26%.
Disney (+1,3%) celebrates the "very positive" launch of subscriptions to the streaming service. Netflix falls by 0,7%.
IT BOND RISES. POWELL IN CONGRESS TODAY
Expectations of an improvement in the economy are pushing up bond yields. The 10-year Treasury Note is climbing 2%, up from 1,45% this summer and 3,20% a year ago. The yield curve becomes a little steeper, removing fears of an imminent recession.
Today, Fed Chairman Jerome Powell reports on economic forecasts to the Congressional Joint Economic Committee.
Gold gained 0,3% to $1.460 an ounce.
Third day of decline for Brent oil, at 61,7 dollars a barrel.
TOP BUSINESS PLACE SINCE MAY 2018
Clustered record for the European Stock Exchanges, yesterday in choral ascent, as evidenced by the primacy of the Eurostoxx (+0,5%) with the exception of Madrid. Leading the race once again is Piazza Affari, which has reached new highs since May 2018.
Milan ended the day with an increase of 1,24% to 23.782 points, +30% since January. The goal of 0,6% GDP growth in 2020 "is largely achievable", Economy Minister Roberto Gualtieri argued yesterday in Parliament. “Short-term forecast models point to a slight increase in growth also in the fourth quarter, which could also improve the 2019 growth estimate and should give rise to a positive carryover effect in 2020,” he added.
FRANKFURT SALE: THE TESLA FACTORY WILL BE CONSTRUCTED IN BERLIN
Close behind is Frankfurt (+0,65%), galvanized by the publication of encouraging data on the conditions of the German economy. The Zew index, based on the expectations of a sample of entrepreneurs, economists and analysts, rose much more than expected in November, going from -22,8 to -2,1: the consensus was expecting -13. No less important is the probable postponement of duties on European cars, an anticipation released yesterday by the New York Times. Indeed, excellent news has come from the USA for the German car: Elon Musk has announced that the first European Tesla factory will be built in Berlin.
The worst European Stock Exchange is Madrid (-0,7%). The Socialist Party and the far-left Podemos party announced today that they have entered into a preliminary agreement, with a view to forming a "progressive" government. But the two formations together arrive at 155 seats, 21 less than what is needed to have a majority.
A MEGA BUY BACK FOR ILIAD: +20,2%
In Paris (+0,44%) fireworks over Iliad (+20,2%) after Xavier Niel, already the controlling shareholder with 52% of the capital, launched a purchase offer for 1,4 billion euros to rise to 72% of the capital of Free.
London also advanced (+0,52%) on the day of a historic relay: Lionel Barber, veteran of the Financial Times, left the management after 34 years of militancy in the symbolic newspaper of the City. In her place, from January, there will be Roula Khalaf, a Lebanese who grew up in the midst of wars, for 24 years at the FT, where she led the 100 foreign correspondents of the Bible of the markets, for the first time led by a woman.
SPREAD DOWN TO 147. NEW BTP 7 MAKES DEBUT TODAY
After a sluggish start, the BTPs have recovered positions on the eve of today's mid-month medium-long auction which will see the debut of the new 7-year BTPs, with expected yields on the rise.
In closing, the spread fell to 147 basis points from 151 yesterday.
The ten-year rate settled in the 1,22% area, after closing at 1,25% the previous session.
In today's auction, investors are offered up to 7,25 billion euros divided between the new 7-year BTP January 2027 traded yesterday on the gray market at around 0,94% and 3- and 30-year bonds.
Yesterday the Treasury placed 5,5 billion euros in the annual Bot at a yield of -0,135%, up from -0,219% last month and the highest since mid-July.
NAGEL: "POSITIVE EXIT OF UNICREDIT"
Banks, auto and asset management were the spearheads of the Italian market.
Mediobanca in the spotlight (+2,01%) on the day of presentation of the industrial plan, set up before the irruption of Leonardo Del Vecchio, to about 10% of the capital before the probable doubling.
“I consider the sale of the UniCredit share positive for everyone” declared the CEO of Mediobanca, Alberto Nagel, during the conference call to present the new business plan. UniCredit's exit from the capital, he explained, is primarily "positive for us, who thus have a more normal shareholder base". Unicredit, he added, “has never been considered a credible shareholder of Mediobanca given that it operates in the same sectors and in the same markets'. So the sale of the stake, "is positive for us - he reiterated - for Unicredit and for the Italian banks, which I believe have a better chance if they have a standard, institutional, normal shareholding structure, which is then reflected in the governance system".
The business plan forecasts revenues of €3 billion in 2023. The average annual growth of earnings per share is 4%, while the dividend is expected to grow by 10% in 2020 and subsequently by 5% to €0,60 in 2023 Nagel intends to develop the wealth management business, so that this area becomes the first contributor in terms of commissions.
BPER: WE ARE READY FOR A COMBINATION
Financial purchases were positive in all segments.
Unicredit (+1,9%), Intesa (+0,90%) and Ubi Banca (+2,9%) advance among the big names. Plans for an aggregation with a Bper partner are picking up speed (+1,3%): "We are ready to evaluate the possible options", said the CEO Alessandro Vandelli, "because the quality of the assets has improved".
Popular Sondrio explodes among the minors (+13,58%).
Asset management shines: Azimut +2,4%, FinecoBank +2,7%, Anima +2,7%.
Insurance companies also performed well: Generali +1,3%, UnipolSai +1,5%.
ENEL RISES, SNAM AND TERNA ACCOUNTS TODAY
Among the financial statements of the Bigs, that of Enel stands out (+1,79%) which recorded rising revenues, EBITDA and net ordinary income in the first nine months of 2019.
Today the results of Mondadori, Salini Impregilo, Snam and Terna are scheduled.
FCA, LEONARDO AND STM: A TRIO OF INDUSTRIAL ON THE RISE
Industrialists are also on the rise. Leonardo +0,84%: Goldman Sachs raised its target price from 13,7 to 14,1 euros, confirming the buy recommendation.
Fiat Chrysler +1,2% rewarded by Exane with the upgrade from neutral to outperform. Cnh Industrial +1,5%.
Stm +2,27% in the wake of Infineon (+7% in Frankfurt), after the German chip maker communicated the data of its fourth fiscal quarter, which ended on September 30, 2019 with profits of 311 million euros, above the estimates of 294 million euros.
In the red Prysmian (-1,6%), which closed the first nine months of the year with revenues of 8,63 billion euros, +0,3%.
MEDIASET STRONGER IN PROSIEBEN, PIAGGIO IN THE RALLY
Mediaset (+2%) rose to 15,1% in Prosiebensat 1: with this share it is by far the leading shareholder of the German company.
Piaggio (+6,88%) rallied, on its highest since 2015, and Salini Impregilo (+4,46%), which continued its march in recent days after the success of the capital increase.
Falck Renew still on the shields (+2%). MolMed is up 7% after the publication of the quarterly data.
